Gold futures turn higher in late-morning trading

SAN FRANCISCO (MarketWatch) -- December gold climbed $2.80 to $585.70 an ounce in late-morning trading, reversing from an earlier decline to a low of $576 as oil prices headed higher and the dollar traded nearly flat against major foreign currencies. From a technical aspect, traders "tried to take out stops down near $570 and failed, causing a short-covering rally," said Peter Grandich, editor of the Grandich Letter. But "gold continues to be trapped between $570 and $600."

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